Home Highlights January 2014 Year 2014 This

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1. Penalty U/s 271B - Failure to get accounts audited - Penalty confirmed - AT

2. Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

3. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

4. Penalty levied u/s 271B - failure to get accounts audited u/s 44AB - books of account and other relevant documents were destroyed by natural calamity, i.e. flood - No penalty

5. Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

6. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

7. Penalty u/s 271A - failure to maintain the books of accounts u/s 44AA - when the very basis of levying the penalty by the ACIT is contrary to the assessment framed by...

8. Penalty u/s. 271B - failure to get his books of accounts audited - if for some reason the assessee had not maintained books of account, then the appropriate provision...

9. The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not...

10. Penalty u/s. 271B - Failure to get accounts audited - assessee has filed the audit report before the AO during the course of penalty proceedings, got his accounts...

11. Penalty levied u/s 271B - not getting accounts Audited within the due date specified u/s 44AB - It was established that the appellant did not maintain the books of...

12. Penalty u/s 271B - non-audit of books of account - if a person has not maintained the accounts book or any accounts the question of its audit does not arise and in such...

13. Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

14. Special audit u/s 142(2A) - satisfaction - The question of complexity of accounts has to be judged applying the yardstick or test; whether the accounts would be complex...

15. Penalty levied u/s 271B - treatment of unaccounted sale as the turnover - requirement of audit u/s 44AB - the documents relied upon by the A.O. are neither the part of...